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Action required: Purpose of payment code requirement for payments from

accounts in the Philippines

Dear HSBCnet User,

Effective 19 October 2015, the inclusion of Purpose of
payment code will be mandatory for payments debiting
Philippines accounts made on-screen in HSBCnet and
using the File Upload service.
Due to regulatory requirements of the Bangko Sentral ng
Pilipinas, the HSBCnet payment system will be upgraded to
support the implementation of Purpose of payment codes in
the Philippines. As a result of this change, payment
instructions submitted through HSBCnet will be required to
include a valid Purpose of payment code. Instructions
submitted without a valid Purpose of payment code will be
rejected.
Payments affected are:
Priority Payment instructions for domestic and
cross border transfers
Cheque Outsourcing Service (COS) instructions to
issue Cashier's Orders
Please note: existing on-screen payment templates must be
amended to include the payment purpose code by 19 October.
Customers making on-screen payments in HSBCnet
Priority Payments
The Regulatory reporting (section 7) of the HSBCnet Priority
Payment screen will need to be completed as follows:
1. Select the SWIFT codeword and the applicable country
from the dropdown options; then
2. Choose an applicable Purpose of payment code by
selecting 'Search', or manually inputting the appropriate 4-
digit purpose code in the field highlighted in red.

(Select image to enlarge)

By selecting 'Search', a complete list of available Purpose of

payment codes will be displayed for you to choose from. For
the complete list of codes you may visit
http://www.hsbc.com.ph/1/2/remittance-codes
Cheque Outsourcing Service (COS)
The Purpose of payment code (section 6) of the HSBCnet
COS screen will need to be completed in either of the following
two ways:
1. Select 'Search' and choose an applicable code; or
2. Manually input a description for the payment in the 'Input
details' field. This option is to be used if the applicable
code is not found using the 'Search' feature

(Select image to enlarge)

Payment Purpose code Payment Purpose description

VENDOR Vendor Payments / Trade Payables

PETTYC Petty Cash / Expense Reimbursements

COMPEN Employee Compensation (i.e. Payroll, Loan Payout)

COMMIS Commissions (i.e. Sales Incentives)

Government Payments (i.e. BIR Tax Payments, Customs

GOVPAY
Duties, SSS Contributions)

Customers making payments using the File Upload

service
The mandatory Purpose of payment code is mapped into the
following fields per file format as outlined in the link below.
Please ensure your payment files are updated to support this
requirement. You may contact your Client Integration Manager
for questions about these file formats.
Priority Payments
The Purpose of payment code will need to be in the format of
/ORDERRES/AA//XXXX or /BENEFRES/AA//XXXX, where AA
is the applicable country code and XXXX is the applicable 4-
digit purpose code. For the complete list of codes you may visit
http://www.hsbc.com.ph/1/2/remittance-codes
Cheque Outsourcing Service (COS)
The Purpose of payment code will need to be a 6-character
code from the table above.
View Purpose of payment code File Upload
information
For additional information regarding Purpose of payment
codes, please contact your HSBC representative.
Sincerely,
Your HSBCnet Team

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